Can I get approved for a mortgage?

See your real approval probability, projected monthly payment, DTI, and matched loan programs in 60 seconds. No credit pull, no obligation.

Your scenario

APPROVAL PROBABILITY

71%Likely

Your numbers at a glance

ESTIMATED PITI

$3,203

Principal, interest, taxes, insurance

DEBT-TO-INCOME

45.3%

Above 43% — needs compensating factors

LOAN-TO-VALUE

91.1%

$450,000 price

Matched loan programs

FHA

FHA needs 580+ score and 3.5% down on a primary residence.

ELIGIBLE

VA

VA requires eligible military service and primary occupancy.

NOT YET

USDA

USDA is 0% down in eligible rural areas with income limits.

NOT YET

Conventional

Conventional typically needs 620+ score and 3-5% down up to the conforming limit.

ELIGIBLE

Jumbo

Jumbo loans exceed the conforming limit and need stronger credit and reserves.

NOT YET

Your next steps

  • Pay down revolving debt before applying.
  • Consider increasing down payment to reduce PMI cost.
  • Gather 2 years of W-2s, recent paystubs, and 2 months of bank statements.
  • Request a free pre-approval from Bloomfield Lending.
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Mortgage approval — how lenders actually decide

Underwriters run every file through the same risk lens: can this borrower comfortably pay the projected mortgage on top of their existing obligations, and how much skin do they have in the deal? This calculator mirrors that logic and gives you a probability band, projected payment, and the specific programs you'd qualify for today.

The three numbers underwriting cares about most

  • DTI ratio — total monthly debt (including new PITI) divided by gross monthly income. Most programs cap at 43–50%.
  • Credit score — sets the pricing floor and program access. 740+ unlocks the best rates.
  • LTV / down payment — lower LTV means lower risk premium, lower PMI, and more program flexibility.

If your probability is below 60%

A low probability isn't a no — it's a roadmap. The most common fast fixes: pay down credit card balances to reduce DTI and lift credit utilization, document additional income (bonus, overtime, side income with two-year history), and shop programs that fit your profile (FHA for lower credit, VA for veterans, bank-statement loans for self-employed). A 20-minute call with a Bloomfield Lending advisor usually identifies the one or two changes that move you from 45% to 80%.

What pre-approval actually gets you

A real pre-approval letter (not just a pre-qualification) tells sellers you've been vetted on income, assets, and credit. It accelerates closing, strengthens your offer in competitive markets, and locks your rate window. Bloomfield Lending pre-approvals typically arrive within 24–48 hours of receiving your docs.

Approval FAQs

Can I really get approved for a mortgage?

Most buyers can — the question is for what program, at what rate, and how soon. This calculator estimates your approval probability and matches you to specific programs based on credit, DTI, down payment, and loan size.

How is approval probability calculated?

We blend your credit range, debt-to-income ratio (including the projected new payment), and loan-to-value into a 0–98% probability band. Veterans receive a small positive adjustment. The output mirrors how lender underwriting risk-scores files.

What is DTI and why does it matter?

DTI is your monthly debt payments (including the projected new mortgage) divided by your gross monthly income. Conventional usually caps at 43–45%, FHA can stretch to 50% with compensating factors, and VA looks at residual income instead.

What's the minimum credit score?

FHA accepts 580+, conventional usually 620+, VA generally 580–620+, USDA 640+. Bloomfield Lending can sometimes work below those floors with strong compensating factors.

What loan amount can I afford?

Multiply your gross monthly income by 28–31% to ballpark a comfortable PITI (principal, interest, taxes, insurance). Stretch up to 36% for total housing if you have low other debt.

Does the calculator pull my credit?

No. Nothing here triggers a credit inquiry. It's a pure scenario tool — feel free to model multiple price points and down payments.

What if I'm denied by one lender?

Different lenders use different overlays on top of FHA/VA/conventional guidelines. A denial at one bank does not mean you can't qualify elsewhere — Bloomfield Lending often closes loans declined by banks.

How long does pre-approval take?

Most pre-approvals are issued within 24–48 hours after you submit income docs and authorize a credit check. Some files close in as little as 14 days from contract to keys.

What docs will I need?

Two years of W-2s or tax returns, 30 days of paystubs, two months of bank statements, photo ID, and verification of any large recent deposits. Self-employed borrowers add P&L statements.

Can self-employed borrowers get approved?

Absolutely. Bank-statement programs, profit-and-loss loans, and 1099-only programs exist specifically for self-employed borrowers who write off heavily on their tax returns.

Pre-Approval